PETROBRAS




                         Pre-Salt Reservoir



                           Theodore M. Helms
         Investo...
DISCLAIMER




    The presentation may contain forecasts            CAUTIONARY STATEMENT
    about future events. Such fo...
PETROBRAS: AN INVESTMENT GRADE, PUBLICLY
TRADED, MAJOR INTERNATIONAL OIL COMPANY


           Incorporated in 1953 as gove...
PETROBRAS IS THE MOST LIQUID STOCK IN VALUE
TRADED ON BOTH THE BOVESPA AND NYSE


                                        ...
DIVERSIFIED SHAREHOLDER BASE

 60% of the economic v alue of Petrobras in private hands, but Government maintains control ...
CORPORATE ORGANIZATION AND KEY
OPERATING RESULTS




Exploration &                      Downstream                        ...
A WORLD-CLASS, PUBLIC, INTEGRATED
ENERGY COMPANY

                                                                  2008 O...
DOMESTIC E&P PROFILE




              2008 Production                                2008 Proven Reserves (SPE)


       ...
COMPETITIVE ADVANTAGE IN
THE DEEPWATER

                                                 Petrobras operates 22% of global ...
CONSISTENTLY DELIVERING RESERVES
GROWTH


      Maintained a ~120% reserve
                                               ...
PURSUING NEW PROJECTS WHILE MAXIMIZING
PRODUCTION FROM EXISTING ASSETS


                                   Petrobras Tota...
INCREASING INVESTMENTS WITH CAREFULLY
CRAFTED SPENDING PROGRAM


                          Business Plan 2009-2013
       ...
GROWING CASH FLOW DRIVES CAPEX


                                                                                       SO...
SOUTH EAST BASIN IMMENSE IN SIZE STILL UNDER
EXPLORING AND DEVELOPING




        USA




 14                             ...
PRE-SALT ACREAGE ENHANCING RESERVES



                 Santos Pre-Salt announced recoverable volumes including the
      ...
PRE-SALT ACCOMPLISHMENTS TIMELINE


     2008            Phase 0          2013         Phase 1A         2017              ...
PRE-SALT OIL PRODUCTION



                                        Petrobras Pre-salt Oil Production (000 b/d)
           ...
APPLYING DEEPWATER TECHNOLOGY AND
PROMISING NEW FRONTIER
 GOM wells are a continuation of our process of
developing deepwa...
DOMINANT POSITION IN A LARGE AND
GROWING EMERGING MARKET

         2008 Total Oil Consumption by Country (mmbo/d)
        ...
VERTICALLY INTEGRATED SYSTEM TO
CAPTURE SYNERGIES WITHIN THE VALUE CHAIN


Upstream Operations                   Downstrea...
IMPROVING OPERATIONS REFLECTED IN GROWING
TRADE BALANCE

(thousand barrel/day)                                            ...
HISTORICAL DIVIDEND PAYMENT




        Dividends per ADR                          Net Income per ADR                    P...
Financial Ratios



                           P/E*                                        EV/EBITDA
                     ...
TOTAL SHAREHOLDER RETURN



                                                               131.40%
                       ...
For more information:
                 Investor Relations
           www.petrobras.com.br/ri
                  +55 21 3224...
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Apresentação do gerente executivo de relacionamento com investidores, theodore m. helms (disponível em inglês)

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Apresentação do gerente executivo de relacionamento com investidores, theodore m. helms (disponível em inglês)

  1. 1. PETROBRAS Pre-Salt Reservoir Theodore M. Helms Investors Relations Executive Manager January, 2010 1
  2. 2. DISCLAIMER The presentation may contain forecasts CAUTIONARY STATEMENT about future events. Such forecasts merely FOR US INVESTORS reflect the expectations of the Company's management. Such terms as "anticipate", The United States Securities and Exchange "believe", "expect", "forecast", "intend", Commission permits oil and gas companies, "plan", "project", "seek", "should", along with in their filings with the SEC, to disclose only similar or analogous expressions, are used proved reserves that a company has to identify such forecasts. These predictions demonstrated by actual production or evidently involve risks and uncertainties, conclusive formation tests to be whether foreseen or not by the Company. Therefore, the future results of operations economically and legally producible under may differ from current expectations, and existing economic and operating conditions. readers must not base their expectations We use certain terms in this exclusively on the information presented presentation, such as oil and gas herein. The Company is not obliged to resources, that the SEC’s guidelines update the presentation/such forecasts strictly prohibit us from including in in light of new information or future filings with the SEC. developments. 2
  3. 3. PETROBRAS: AN INVESTMENT GRADE, PUBLICLY TRADED, MAJOR INTERNATIONAL OIL COMPANY Incorporated in 1953 as government Government maintains controlling monopoly for all hydrocarbon activities interest with 55% of voting shares in Brazil Originally established as a refinery of Market cap of approximately US$ 200 imported crude oil billion as of December 31st, 2009 Became net exporter in 2006 Foreign currency ratings from Moody’s 60% of total equity capital (common and (Baa1), Standard & Poors (BBB-), and preferred) is now publicly traded Fitch (BBB). Crossed the Brazil Self 2MM bpd, A New E&P Brazilian First Public Petrobras Full Upgraded to Investment $100 billion Sufficient in $200MM market Regulatory Constitution Auction of Oil NYSE Listing Deregulation Grade Issuer dollar Market Oil cap, Discovery Framework. Amended Exploration of new oil Pre-Salt and Areas Cap mark frontier: Pre Strategic Salt (Tupi field) Areas Nov 1995 June 1999 Aug 2000 Jan 2002 Oct 2005 2006 Apr 2006 2007 Aug 2009 3
  4. 4. PETROBRAS IS THE MOST LIQUID STOCK IN VALUE TRADED ON BOTH THE BOVESPA AND NYSE Turnover NYSE & Bovespa (Daily Average Turnover) Turnover 2009YTD/2005 = 512% (US$ MM) (% category and US$MM) 2000 1,930 1800 100% 90% 1600 80% 1400 1,344 43% 47% 43% 50% 53% 70% 1200 Nyse PB R 992 60% PBR/A 1000 Nys e 50% PBR 20% 800 25% 21% PBR/A 40% 20% 19% 600 6% 483 30% 6% 5% 5% 5% Bovespa 400 20% 219 B ove spa PETR3 31% PETR3 25% 27% 26% PETR4 200 PETR4 10% 22% 0 0% 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD PETR4 (Bovespa) PETR3 (Bovespa) PBR/A (Nyse) PBR ( Nyse) Turnover of PBR 3 times the volume of PBRA on the NYSE Turnover of PN 5 times the volume of the ON Probable explanation: Cultural. Brazilians familiar with PN´s and would not pay premium for ON´s 4
  5. 5. DIVERSIFIED SHAREHOLDER BASE 60% of the economic v alue of Petrobras in private hands, but Government maintains control with 55% of voting shares More than 1,00,000 investors in Brazil and abroad 9,5% 20,3% Foreign 10,9% 26,4% 31,2% 29,8% 38.9% 46,4% 10,3% 18,0% 9,9% 8,0% 9,1% Bovespa 25,1% 30.4% 23,1% 20,7% 21,3% 53,6% 61,6% 44,4% 40,6% 40,1% 39,8% Oct/1992 Jul/2000 After Aug/00 offering After Jul/01 offering Dec/2003 Nov /2009 Gov ernment (1) Bov espa Brazil Bov espa Foreign ADRs Free Float 46.4 38.4 55.6 59.4 59.9 60.2 (1) Includes BNDES / BNDESPAR 5
  6. 6. CORPORATE ORGANIZATION AND KEY OPERATING RESULTS Exploration & Downstream Gas & Production Distribution Energy International Biofuels (Supply) Petrochemicals Income from Operations Summary Financials (US$ billion- USGAAP) G&E Distribution 2007 2008 9M09 2.5% 3.7% Net Revenues 87.7 118.3 65.7 EBITDA 25.6 31.3 20.8 Domestic Downstream 44.2% Net Income 13.1 18.9 10.4 49.6% E&P Capex 21.0 29.9 24.3 Total Debt(1) 21.9 27.4 50.1 Cash & Cash Equivalents 7.0 6.5 16.6 Net Debt 14.9 20.9 33.5 Total Equity 65.2 61.9 89.9 Total Assets 129.7 125.7 189.0 (1) Includes capital leases 6
  7. 7. A WORLD-CLASS, PUBLIC, INTEGRATED ENERGY COMPANY 2008 Oil & Gas Production 3.9 3.8 Gas Production boe/d 3.2 Oil Production boe/d 2.5 (mmboe/d) 2.4 2.4 2.3 1.8 83% (oil) 0.6 XOM BP RDS CV X PBR COP Total ENI BG Source: Evalua te Energy and Company reports 5,675 2008 Refining Capacity Market Value as of December 31st, 2009 3 2 4 3,905 (mcb/d) 3,119 2,917 (US$ bn) 2,600 19 9 18 1 2,223 18 1 2,083 15 4 15 0 10 1 8 0 828 7 6 299 XOM RDS BP COP TOT PBR CVX ENI STL X OM P BR RDS BP CV X T OT ENI ST L COP Source: PFC Energy WRMS (barrels per calendar day, considering company % shareholding and including JVs) Source: Bloomberg 7 Note: Peer companies selected above have a majority of capital traded in the public markets.
  8. 8. DOMESTIC E&P PROFILE 2008 Production 2008 Proven Reserves (SPE) 15% 9% 10% 14% 13% 23% 58% 58% 2,176 thousand boed 14.09 billion boe Onshore Shallow water (0-300m) Deep water (300-1500m) Ultra-deep water (> 1500m) 8 Source: Petrobras
  9. 9. COMPETITIVE ADVANTAGE IN THE DEEPWATER Petrobras operates 22% of global deepwater production and 18% of all operating vessels 2008 Gross Global Operated FPS Operators Deepwater Production All Contracted Vessels (252 Vessels Total) REL HES MUR HES REL MUR 1% 1% 2% 1% 0 20 40 60 80 100 120 2% 1% BG Petrobras 45 APC 4% PBR Shell 15 5% 22% StatoilHydro 15 CVX ExxonMobil 13 6% BP 12 APC TOT6% Chevron 12 8% Anadarko 10 XOM 14% Total 9 CNOOC 8 BP 9% ConocoPhillips 8 XOM ENI/Agip 5 STL RDS Others 100 14% 14% FPSO Semi Spar TLP Other Source: (1) PFC Energy | Note: Estimated v olumes abov e ref lect what operators are resp onsible f or producin g, not what they keep on a net working 9 interest or entitlement basis. Minimum water d epth is 300 meters; twelv e operators abov e account f or 94% of global deep water pr oductio n in 2008. (2) Copy right © 2008 ODS-Petro data, Inc.
  10. 10. CONSISTENTLY DELIVERING RESERVES GROWTH Maintained a ~120% reserve Targeting a reserves to replacement rate in 2008. Over the production life of 15 years past decade, reserve replacement has principally been driven by internal additions in Brazil 13.75 13.92 14.09 13.02 13.23 0,92 0,88 0,88 1,23 Production Production Production Production (0.67 bn boe) (0.70 bn boe) (0.70 bn boe) (0.75 bn boe) Reserves Reserves Reserves Reserves Replacement Replacement 12,52 Replacement 13,04 Replacement 13,17 12,35 Index Index Index Index (131%) (174%) (124%) (123%) 2004 2005 2006 2007 2008 10 * According to SPE (Society of Petroleum Engineers) criteria
  11. 11. PURSUING NEW PROJECTS WHILE MAXIMIZING PRODUCTION FROM EXISTING ASSETS Petrobras Total Production (x 1000 boe/d) 5,729 223 7.5% p.y. 409 1.177 3,655 5.6% p.y. 8.8% p.y. 131 2,758 210 634 2,400 103 2,217 2,297 2,301 142 1,810 2,037 2,020 101 110 100 1,635 96 124 463 22 85 94 163 142 126 24 35 277 273 321 161 168 274 3.920 44 251 252 265 232 2.680 1.855 2.050* 1.684 1.778 1.792 1.500 1.540 1.493 1.335 2001 2002 2003 2004 2005 2006 2007 2008 2009 ..... 2013 ..... 2020 Oil production - Brazil Gas production - Brazil Oil production - International Gas production - International * Consider +- 2,5% 11
  12. 12. INCREASING INVESTMENTS WITH CAREFULLY CRAFTED SPENDING PROGRAM Business Plan 2009-2013 PN 2009-13 | Brazil/International 2% 2% 2% 3% US$ 174.4 billion 9% 7% 5.6 3.0 E&P 16.2 US$ 174.4 billion 11.8 2.8 RTC 3.2 Brazil G&E International Petrochemicals 158.2 43.4 104.6 (*) Distribution 25% 59% Biofuels 91% Corporate (*) US$ 17.0 billion allocated to Exploration Business Plan 2008-12 2% 1% 2% 4% US$ 112.4 billion 6% 4.3 2.6 • Petrobras strategy gives first priority to 6.7 1.5 E&P 2.5 RTC meeting production targets G&E Petrochemicals • E&P accounts for 76% of new project 26% 29.6 65.1 Distribution 59% spending (US$ 28.9 bn for pre-salt) Biofuels Corporate 12
  13. 13. GROWING CASH FLOW DRIVES CAPEX SOURCES 3 5 ,0 0 0 34,213 3 0 ,0 0 0 5 ,9 9 3 27,886 2 5 ,0 0 0 5,2 2 2 17,825 US$ million 2 0 ,0 0 0 15 ,0 0 0 12,311 2 8,22 0 2 1, 0 7 7 2 2,66 4 10 ,0 0 0 9,528 1, 3 73 15 ,115 5 ,0 0 0 8 , 155 0 - 2,80 4 - 3 ,2 52 - 5 ,0 0 0 2 004 20 05 20 06 20 07 20 08 OC F N et D ebt USES 34,621 35.00 0 26,179 4 . 74 7 30.00 0 1. 5 51 U S $ m illion 25.00 0 18,030 3 .8 60 20.00 0 12,480 4 16 10,246 15.00 0 3 . 14 4 2 9 .8 7 4 511 2 . 10 4 2 0.768 10.00 0 1. 7 8 5 14 .4 7 0 5.00 0 7 .9 10 10 . 3 7 6 0 2004 2005 2006 2007 2008 C A P EX D i v i de nd s A c qui si t i o n 13
  14. 14. SOUTH EAST BASIN IMMENSE IN SIZE STILL UNDER EXPLORING AND DEVELOPING USA 14 t
  15. 15. PRE-SALT ACREAGE ENHANCING RESERVES Santos Pre-Salt announced recoverable volumes including the transfer of rights, can more than double Brazilian reserves. million boe ~ 30-35 bn boe 35,000 +5,000 30,000 Higher estimates 25,000 +5,400 20,000 Lower estimates 10,600 15,000 10,000 5,000 14,093 0 2008 Proven Santos and Campos Basins Transfer of Proven Reserves* Reserves* Pre-Salt Rights with + (Tupi, Iara, Guará and Whale’s Santos and Campos Basins Compensation Pre-Salt Park)** (Tupi, Iara, Guará and Whale’s Park)** *SPE Criteria + Transfer of Right ** include Petrobras and Partners 15
  16. 16. PRE-SALT ACCOMPLISHMENTS TIMELINE 2008 Phase 0 2013 Phase 1A 2017 Phase 1B 2020 … Phase 1A - Projects Phase 0:Information gathering Phase 1a: 1st phase of definitive development, use of Appraisal wells, Small scale production consolidated or rapidly-consolidating technologies to (EWTs) achieve production targets, generate cash-flow to support Phase 1b First 2 FPSOs to be chartered (2013-2014) • Oil Production: 120,000 bpd Phase 1B - Projects • Gas Compression: 5 M m³/d • 2nd phase of definitive development Additional 8 FPSOs (2015-2016) • Construction of the hulls at the Rio Grande • Significant production increase Shipyard • All identical units, manufactured in series • Innovation acceleration • Process plant under study: • Massive use of new technologies specially − Oil Production: 150,000 bpd tailored for Pre-Salt conditions − Gas Compression: 5.5 M m³/d − Water-Alternating-Gas injection capability 16
  17. 17. PRE-SALT OIL PRODUCTION Petrobras Pre-salt Oil Production (000 b/d) 1,815 1,336 632 582 463 219 160 1.183 62 873 152 422 2013 2015 2017 2020 Pre-Salt Petrobras Pre-Salt Partners Pre-salt Capex Through 2020 2009-2013 2009-2020 Petrobras Total Pre-salt Capex (Production Development) 28.9 111.4 Santos Basin Pre-salt 18.4 98.8 Espírito Santo Pre-salt (includes post-salt fields) 10.3 12.6 17
  18. 18. APPLYING DEEPWATER TECHNOLOGY AND PROMISING NEW FRONTIER GOM wells are a continuation of our process of developing deepwater production in offshore Brazil 1977 Enchova 410ft 1988 Marimbá 1610ft TUPI WATER DEPTH = 7,125 ft 1994 TOTAL DRILLING DEPTH = 17,431 ft Marlin 3,370ft TIBER 2009 WATER DEPTH = 4,134 ft Tiber 1997 TOTAL DEPTH = 35,055 ft 4,134 ft Marlin Sul 5,600ft 2003 Roncador 6,180 ft 2009 2010 Tupi Cascade DRILLING MILES BY WATER DEEPTH 7,125 ft Chinok 8,250ft 18
  19. 19. DOMINANT POSITION IN A LARGE AND GROWING EMERGING MARKET 2008 Total Oil Consumption by Country (mmbo/d) 19.4 10 9 8.0 8 7 6 Brazil is world’s 5 4.8 seventh-largest oil 4 2.9 consumer. 2.8 3 2.5 2.4 2.3 2.3 2.2 2.0 1.9 1.7 1 .7 1.7 2 1 - S. Kore a C hina India Russia Canada Italy US Ge rmany Saud i Brazil Jap an Me xico Iran Fran ce UK Total Oil Consumption mb/d (index) 125 Brazil US OECD Wor ld 120 Brazil oil consumption 115 growing at 1.99% p.a; 110 OECD oil consumption 105 growing at 0.17% p.a. 100 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 19 Source: BP Statistical Review 2009, PFC Energy
  20. 20. VERTICALLY INTEGRATED SYSTEM TO CAPTURE SYNERGIES WITHIN THE VALUE CHAIN Upstream Operations Downstream Operations Existing Pipelines Refineries Petrobras Marine Terminal Other Companies In Land Terminal Access to raw material • Logistic and infrastructure developed Access to oil products market • Near the biggest market in Brazil 20
  21. 21. IMPROVING OPERATIONS REFLECTED IN GROWING TRADE BALANCE (thousand barrel/day) Oil products 9M08 vs 9M09 Oil 633 628 714 234 222 562 231 157 399 406 152 483 405 5 Exports Imports Net Exports Exports Imports Net Exports Financial Volume (US$ Million) • Boost in oil production led to higher - US$ 1,813 oil export + US$ 1,795 19.920 18.107 • Imports decreased (specially diesel 8.845 10.640 imports) due to economic slow down, lower thermoelectric generation and 9M08 9M09 increase in production of domestic oil Impor ts Expor ts products (diesel) 21
  22. 22. HISTORICAL DIVIDEND PAYMENT Dividends per ADR Net Income per ADR Price per ADR (Max-Min) US$ US$ US$ 4.3 75.2 9M 2.9 3.0 58.8 53.0 2.4 2.0 0.8 0.7 0.9 26.7 21.1 23.0 17.5 14.9 2006 2007 2008 2009 2006 2007 2008 2009 2006 2007 2008 2009 •Brazilian Corporate Law requires a minimum annual distributions equal to 25% of net income • Dividends paid each year based on prior years income • In 2009, Petrobras paid the dividends related to the 2008 results but also anticipated some payment related to the 2009 results due to the Company strong cash position * Dividends includes the Interest on own Capital (IOC) 22
  23. 23. Financial Ratios P/E* EV/EBITDA 13.7 10.9 11.4 9.8 9.3 7.6 5.1 3.9 2006 2007 2008 2009** 2006 2007 2008 2009** 23 Notes: (*) Average Price of the year / (**) LTM
  24. 24. TOTAL SHAREHOLDER RETURN 131.40% 102.50% 85.11% 43.53% 50.47% -55.71% 2004 2005 2006 2007 2008 2009 Capital Apreciation Dividends Amex Oil • Dividend Payment corresponds to a small portion of the TSR * Source: Bloomberg 24
  25. 25. For more information: Investor Relations www.petrobras.com.br/ri +55 21 3224-1510 25 petroinvest@petrobras.com.br

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